Are there any income tax considerations while transferring newly acquired property?
A. If the transfer takes place within three years of purchase, the income tax exemption under Section 54F of the Income Tax Act does not hold good. Check with your tax consultant for details. Q. What are your other projects from Prasanthi Group? • Prasanthi Gardens- BMRDA Approved layout -Chandapur, Anekal, Bangalore. • Prasanthi Green Park- BMRDA Approved layout -Chandapur, Anekal Bangalore. • Prasanthi Park in- BMRDA Approved layout -Jigini, Anekal Bangalore. • Prasanthi Pearl Park- BMRDA Approved layout -Jigini, Anekal Bangalore NRI FAQ Q. Does an NRI need RBI permission to acquire residential or commercial property in India? A. No. Permission is not required if an NRI wants to acquire any immovable property in India, except if it is agricultural / plantation property or a farmhouse. Q. Can an NRI rent out property in India if it is not required for immediate use? A. Yes, property can be rented out in India. Visit RBI’s web site for details. Q. Can I obtain loan as an NRI? A. Yes. H
If the transfer takes place within three years of purchase, the income tax exemption under Section 54F of the Income Tax Act does not hold good. What constitutes conclusion of sale of a property? An agreement of sale, coupled with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession. What is Carpet Area? Carpet Area refers to the total usable area within the four walls of an apartment or a commercial space, as the case may be. In other words, it refers to the area for which a carpet can be laid if required by the owners. What is Plinth Area? Plinth Area refers to the entire carpet area along with the thickness of the external walls of the apartment. It obviously includes the thickness of the internal walls and the columns, if any, lying within the four walls of an apartment. The commercial space is not taken into account in calculating the Plinth Area. What is Super Built-Up Area? Su
